Company Registration No. 01679362 (England and Wales)
T.C. Threads Limited
Unaudited accounts
for the year ended 30 September 2022
T.C. Threads Limited
Unaudited accounts
Contents
T.C. Threads Limited
Statement of financial position
as at 30 September 2022
Tangible assets
21,312
32,878
Cash at bank and in hand
2,389
781
Creditors: amounts falling due within one year
(219,096)
(196,093)
Net current assets
34,631
57,842
Total assets less current liabilities
55,943
90,720
Creditors: amounts falling due after more than one year
(27,379)
(36,667)
Provisions for liabilities
Deferred tax
(4,049)
(6,247)
Called up share capital
100
100
Profit and loss account
24,415
47,706
Shareholders' funds
24,515
47,806
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2023 and were signed on its behalf by
S.T. West
Director
Company Registration No. 01679362
T.C. Threads Limited
Notes to the Accounts
for the year ended 30 September 2022
T.C. Threads Limited is a private company, limited by shares, registered in England and Wales, registration number 01679362. The registered office is Edward House, King Edward Street, Hucknall, Nottinghamshire, NG15 7JR.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line on cost
Motor vehicles
20% straight line on cost
Computer equipment
33% straight line on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
T.C. Threads Limited
Notes to the Accounts
for the year ended 30 September 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
These accounts are prepared on a going concern basis. The directors have reasonable expectation that the company will continue in existence for the foreseeable future. However they are aware of certain material uncertainties as a result of the Covid 19 pandemic which has enforced local and national lockdowns. A period of 12 months from the approval date of these accounts has been considered and support measures have been put in place.
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 October 2021
128,591
30,066
158,657
At 30 September 2022
130,399
30,066
160,465
At 1 October 2021
95,713
30,066
125,779
Charge for the year
13,374
-
13,374
At 30 September 2022
109,087
30,066
139,153
At 30 September 2022
21,312
-
21,312
At 30 September 2021
32,878
-
32,878
Amounts falling due within one year
Trade debtors
124,885
139,099
Accrued income and prepayments
20,405
20,405
Other debtors
14,224
15,309
T.C. Threads Limited
Notes to the Accounts
for the year ended 30 September 2022
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
25,266
16,707
Obligations under finance leases and hire purchase contracts
8,545
-
Trade creditors
125,115
113,190
Taxes and social security
31,994
37,857
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Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
712
-
The Bank loan and overdraft are secured by a fixed and floating charge over the company assets.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the year the average number of employees was 5 (2021: 6).
